Common use of Credit for Payments Clause in Contracts

Credit for Payments. The Owner shall receive a credit for all payments made under the Contract Documents, as against the CM/GC Fee and the cost of Basic Services and the Work. CM/GC’s Statement. CM/GC shall include, as part of the proposed GMP Change Order, a statement identifying: A list of the drawings and specifications, including all addenda and Bulletins thereto including without limitation the Conditions of the Contract, which were used in preparation of the Guaranteed Maximum Price proposal. All estimates, noting whether they cover furnish and delivery, or furnish, delivery, and installation. The CM/GC's Fee shall not be reduced because the Actual Cost of the estimated item is less than the estimate and shall not be increased because the Actual Cost of the estimated item is greater than the estimate. A listing of any trade, Work categories, or other items that are not included in the Guaranteed Maximum Price.